Gemini CEO Cameron Winklevoss has posted another open letter on Twitter, addressed to the Digital Currency Group (DCG) board members. In the letter, Winklevoss accuses DCG and CEO Barry Silbert of making poor decisions with the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), and claims that DCG orchestrated a “campaign of lies” to mislead cryptocurrency users. Gemini and Earn so that thinking everything was fine. Winklevoss demands that the DCG board remove Silbert from his CEO role, as Gemini believe there is “no way forward” with Silbert in charge.
The dispute between Gemini and the digital currency group continues with another open letter
About a week ago, Bitcoin.com News reported on an open letter from Cameron Winklevoss, co-founder of the Gemini cryptocurrency exchange, to Digital Currency Group (DCG) CEO Barry Silbert. In the letter, Winklevoss asked Silbert to address liquidity issues between Gemini and DCG’s subsidiary Genesis Global Capital. Winklevoss, the Gemini executive, alleged that DCG owes $1.675 billion to the lending arm of Genesis. However, Silbert strongly disputed Winklevoss’s statements after the letter was made public.
“DCG did not borrow $1.675 billion from Genesis”, Silbert tweeted at the time. “DCG has never stopped paying interest to Genesis and is current on all outstanding loans; the next maturity of the loan is May 2023”. After Silbert’s statement, Winklevoss continued to call on Silbert and DCG to take action and set a deadline for DCG to respond by January 8, 2023. It is unclear if DCG or Silbert attempted to resolve the issue with Gemini, but the The opening letter sent to the DCG board suggests that no agreement was reached during that time period.
Earn update: an open letter to the Board of @DCGco pic.twitter.com/eakuFjDZR2
—Cameron Winklevoss (@cameron) January 10, 2023
In it open letter To DCG board members, Winklevoss alleges that Genesis lent $2.36 billion to the now-bankrupt crypto hedge fund Three Arrows Capital (3AC). According to Winklevoss, after the funds were allegedly liquidated, “Genesis was left with a loss of at least $1.2 billion.” “At this point, Barry Silbert had two legitimate options: restructure the Genesis loan book (in or out of bankruptcy court) or fill the $1.2 billion hole,” Winklevoss opined. “He did nothing”. The Gemini co-founder claims DCG and Genesis actively made “false statements and misrepresentations” regarding the alleged hole and Genesis’s financial situation.
Winklevoss’s open letter insists:
They did so in an effort to mislead lenders into believing that DCG had absorbed massive losses Genesis incurred from the collapse of Three Arrows Capital (3AC) and induce lenders to continue lending to Genesis. By lying, they hoped to buy time to get out of the hole they had created.
The Gemini co-founder’s open letter generated a significant response after it was made public on Twitter. However, as of this writing, Silbert, a DCG executive, has not responded to Winklevoss’s allegations as he did the week before. “It’s never a good sign when a CEO writes an open letter to a (third party) with whom he is transacting at this level,” one person said. commented about Winklevoss’s letter to DCG board members. “Good luck to the everyday investors caught up in this. Hopefully every well-paid responsible person takes responsibility (and) it’s not a finger-pointing contest,” the individual added.
“Do you know that there are courts these days? Just file a lawsuit instead of these stupid letters on Twitter,” another person tweeted.
What do you think of Gemini CEO Cameron Winklevoss’ open letter to DCG board members? Let us know what he thinks on this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.